Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I support the amendment. We need to move to a point where there is much more transparency in the insurance industry. Consumers should be given much more information. It has taken almost three years of a programme of reforms to get to a point where, since 1 November, in the case of motor insurance, the renewal documentation now shows how much the person paid last year. I welcome the setting out the premium paid over the previous three years and, critically, the details of claims paid by the insurer over that period. For too long the process of claims being paid out by insurance companies has been cloaked in secrecy and policyholders have at times been the last to be told what has been done in respect of claims made against their policies. If we have a more open system, it will lead to better outcomes for all concerned.

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